New Brunswick scouts for strategic partnerships in India

Bangalore, Nov 21 (UNI) A high-level Ministerial delegation from New Brunswick is in the city to build strong business ties with Indian firms and develop new strategic partnership by inviting them to invest in the seaside province of Canada.

Addressing members of the Bangalore Chamber of Industry and Commerce (BCIC), New Brunswick Business Minister Greg Byrne said ''in order to help prospective investors, we are ready to provide hands on customised approach, with the State Government directly involving in facilitating the Indian industry. It also offers fast track processes, recruitment and training assistance, ongoing partnership and after care. We believe that both India and New Brunswick have lots to offer to each other in the future.'' New Brunswick exported its products to around 107 countries. The export volume in the last ten years had more than doubled to 10.7 billion Canadian dollars. However, the US accounted for 90 per cent of the business volume. To have a wider spread, New Brunswick had turned its attention to Indian cities.

The State was in the process of developing value-added clusters for advanced manufacturing, knowledge industries and life sciences.

Bangalore had a strong base in knowledge industries and life sciences. The key exports from the State included energy, aerospace, defence, metalworking, forest products, processed foods, knowledge industry, sea food and professional services. It was looking for collaborations with each other to build synergies and partnership, Mr Byrne said.

The Minister said Indian firms could participate in the new opportunities either by way of joint venture, strategic alliance, contract manufacturing or green field investment.

''We have the lowest small business tax rate of 2.5 per cent in Canada. Logistically, we are connected directly to US 1-95 highway and are closer to Europe than any other State in the US,'' he added.

BCIC President Venkat Kedlaya said ''there is a big demand for entrepreneurs from Bangalore. Earlier, countries were seeking strategic alliance with city-based firms. But today, it has become a two-way business promotion, with Indian firms planning to set up Centre of Excellence overseas and by lending a helping hand to others who are willing to set up base in Bangalore or India.'' UNI RS GD HVB1933